Following a period of significant growth, the cryptocurrency sector is currently undergoing a market downturn. Just last month, Bitcoin (BTC) reached an unprecedented high, surpassing $73,500 and propelling altcoins, particularly meme-based cryptocurrencies like FLOKI, to new heights. Now, the market is witnessing some pullback, with varying impacts on alternative coins such as CHZ, CEEK, and FLOKI.
Chiliz (CHZ) Struggles Despite Sports Sector Inroads
Despite the Bitcoin surge boosting the overall crypto market, CHZ, the cryptocurrency powering the sports-focused Chiliz platform, has only shown marginal gains. Over the past month, its value increased by a mere 2%, which is notably lackluster compared to its previous surges. A recent 8% week-over-week decline has further dampened investor sentiment. Today, CHZ’s value dipped by 3% to $0.1322, with its market capitalization also seeing a reduction, yet its 24-hour trading volume has risen by 9%, indicating that some investors might be seizing the moment to buy.
Meme Coin FLOKI Resists Trend with Minor Gain
In stark contrast, FLOKI, enjoying the limelight from the Bitcoin-led bull run and recent sports partnership announcements, has managed to accrue a 2% increase in price amidst the downturn. Trading at $0.0002308, FLOKI demonstrates resilience against the market’s downward pressure.
CEEK VR Faces Dwindling Interest After Initial Surge
Conversely, CEEK VR, which made its mark in the previous bullish phase, has since been eclipsed by newer entrants to the market. The project’s native token has seen a 7% drop in value today, lowering its price to $0.07009. With a market cap of $56 million, CEEK’s investor enthusiasm appears to be fading, as evidenced by a 39% plunge in trading volume. Still, upcoming developments may rekindle interest and potentially revitalize the project.